Patek Philippe Tokyo Exhibition Highlights

Key Points from the Discussion

• Patek Philippe's 'warning' letter to ADs regarding double-sealed watches being flipped at auction is a necessary but potentially insufficient measure, as similar warnings have been issued before without significant consequences for large ADs.
• The AD in question might not have been fully aware of the rules or had a long-standing practice of selling to a client who then flipped the watches, highlighting a need for clearer communication and enforcement from Patek Philippe.
• Patek Philippe needs to enforce stricter penalties, beyond warnings, on ADs that repeatedly facilitate flipping, especially when client names are visible on certificates, to protect genuine collectors and the brand's 'new base' of clients.
• The issue of double-sealed watches being flipped is not isolated, with similar instances involving high-end references like the green/Tiffany 5711 and 5531R, suggesting a systemic problem that Patek Philippe needs to address more rigorously.
• Sales associates and managers at ADs may be influenced by 'under the table gifts' to allocate scarce pieces, contributing to the grey market problem, even if Patek Philippe HQ is also involved in allocation decisions.
• The long-standing relationship between Patek Philippe and WatchProSite is built on shared values of focusing on the aficionado experience and actively moderating against discussions of pricing, discounts, and grey market activities.